CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded its presence in East Malaysia by securing a management contract for a 200-unit serviced residence – Somerset Arcadia Miri in Sarawak slated to open in 2018.
With the management contract, Ascott will reinforce its lead as the largest international serviced residence owner-operator in Malaysia with over 2,300 apartment units across 11 properties.
Somerset Arcadia will be Miri first international brand of serviced residence
Mr Philip Lim, Ascott’s Country General Manager for Malaysia, said: “Our first property in Miri is well-positioned to tap on the growing number of expatriates, business travellers and tourists in Malaysia’s petroleum hub. Miri is also a shopping and dining destination frequented by neighbouring Bruneians. Last year, 2.9 million visitors travelled to Miri from Brunei, up 10% from 2.6 million in 2013. The other major economic drivers of Miri include the timber, oil palm and shipbuilding industries which will generate demand for Somerset Arcadia Miri.”
Mr Lim added: “Ascott has been expanding into high growth cities where strong foreign investment has generated a large demand for serviced residences. We have been in Malaysia for over a decade and will continue to seek opportunities to expand our network in Malaysia. This year, Ascott secured a contract to manage a serviced residence in Nusajaya and opened two new properties in Malaysia.”
Somerset Arcadia Miri is near the Central Business District and strategically located in Marina ParkCity, which is home to the new Miri City Centre township. Miri is also the main tourist gateway to the five national parks and the Gunung Mulu National Park, a UNESCO World Heritage Site known for its high biodiversity and spectacular karst features.
The new serviced residence is situated within Arcadia Square that also comprises offices and Victoria Plaza that will provide guests with a perfect blend of work and play when it opens in 2018. It is within close proximity to the city bus terminal and a 20-minute drive to Miri Airport.
Residents can choose from a range of spacious studios, one- to three-bedroom apartments that come with a fully-equipped kitchen and separate work and sleeping areas. The comprehensive facilities at the serviced residence include a gymnasium, business centre, residents’ lounge and swimming pool.
Besides Somerset Arcadia Miri, Ascott will open Somerset Medini Nusajaya in 2015, Somerset Damansara Uptown Petaling Jaya in 2016, Citadines Waterfront Kota Kinabalu in 2018 and Citadines Medini Nusajaya in 2019. Ascott currently operates Ascott Kuala Lumpur, Ascott Sentral Kuala Lumpur, Somerset Ampang Kuala Lumpur, Citadines DPulze Cyberjaya, Somerset Puteri Harbour Nusajaya and Citadines Uplands Kuching.